Wells Fargo to lay off nearly 300 in Arizona

PHOENIX -- Wells Fargo will lay off nearly 300 employees in Arizona, the company said Wednesday.

The bank is laying off 291 employees in Tempe and one in Phoenix as part of a nationwide cutback that will see about 3,000 people let go.

All the lay-offs are affected mortgage-related positions.

"The decision to reduce our workforce is made with great concern for the team members who are affected," Wells Fargo spokesman Danny Ischy said in a statement. "We are committed to retaining valued team members and, where possible, we will work to identify other opportunities within Wells Fargo."

Those who were let go were given 60-day notice and all will be able to apply for other positions inside the company.

Wells Fargo cited a drop in customer volume as the reason for the mass lay-off.

Wells Fargo employs about 12,000 people in Arizona and is the top Arizona bank in terms of market share.